Concho Resources (NYSE:CXO) is trading at unusually high volume Friday with 2.1 million shares changing hands. It is currently at two times its average daily volume and trading up $3.15 (+3.9%).

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

NEW YORK ( TheStreet) -- Concho Resources (NYSE: CXO) is trading at unusually high volume Friday with 2.1 million shares changing hands. It is currently at two times its average daily volume and trading up $3.15 (+3.9%) at $83.29 as of 4 p.m. ET.

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Concho has a market cap of $8.77 billion and is part of the basic materials sector and energy industry. Shares are down 0.5% year to date as of the close of trading on Thursday.

Concho Resources Inc. operates as an independent oil and natural gas company in the United States. It engages in the acquisition, development, and exploration of oil and natural gas properties. The company principally operates in the Permian Basin region of southeast New Mexico and West Texas. The company has a P/E ratio of 24.1, above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Concho as a buy. The company's strengths can be seen in multiple areas, such as its increase in net income, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full Concho Ratings Report.